Bitcoin drama continues: yet another hard fork announced

Just when I thought I was out...they pull me back in. co-owner threatens to hard-fork Bitcoin if SegWit2x proposal goes through.

Bitcoin drama continues: yet another hard fork announced

Cobra, a co-owner of and websites, has published an announcement of a new mysterious hard fork in his private blog.

The thinkpiece titled "There may be 3 chains in November, True Bitcoiners will never surrender" outlines his plans for what's going to happen should SegWit2x proposal win. He claims that he and his team will not back down and will issue yet another BTC hard fork, this time around with a better Proof-of-Work system (sounds like Bitcoin Gold to anyone?). To quote mr. Cobra,

If the unthinkable happens and 2X wins, it doesn’t mean Bitcoin has been “changed”, it means Bitcoin has been temporarily destroyed, and we need to get to work to collectively recreate it. We won’t surrender and we won’t compromise. A new hard fork will be released with a new PoW algorithm and we’ll carry on as normal.

The market and exchanges should be prepared to support three different forks of Bitcoin this November. The original chain, the 2X chain, and the new Bitcoin chain with a better PoW. As soon as the new PoW hard fork binaries are released on, I intend to fully commit to supporting that chain and calling it “Bitcoin”, even if hash rate returns to the original chain at a later date.

Neuron's opinion

It is truly a very fascinating decision and turn of events. One could look at the bitcoin project like it's the largest psychological study on what's going to happen to a project without a strong leader at the helm. Ethereum has Vitalik Buterin and Litecoin has Charlie Lee, and these blockchains have consistently demonstrated their ability to be upgraded without painful hard forks (let's forget about Ethereum Classic for a moment which is a totally different story).

Bitcoin, however, no longer has a leader, with Satoshi Nakamoto being dead for all intents and purposes. And thus a bunch of people with enough finances to pull it off are trying to replace him. This power void is attracting all kinds of con artists, and with each hard fork and each act of instability the power of Bitcoin gets weaker and weaker.

At this rate I would not be surprised to see Ethereum become the number one cryptocurrency, Litecoin to be considered the oldest and most mature version of the bitcoin-core software, all BTC forks would fall into oblivion, and all bitcoin ASIC investment would turn into a pumpkin overnight like in the Cinderella story.

Let's hope it's not going to get this far.

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